Court Overturns Decision to Terminate Homeplus Rehabilitation Proceedings; Extends Deadline for Approval of Rehabilitation Plan

The court has overturned the decision to terminate the rehabilitation proceedings for Homeplus.

The Seoul Bankruptcy Court's 4th Rehabilitation Division (Chief Judge Jeong Jun-young) announced today (July 21) that it has canceled the decision to terminate the Homeplus rehabilitation proceedings and extended the deadline for the approval of the rehabilitation plan.

As a result, Homeplus will be able to continue its rehabilitation process.

Previously, the court issued a termination decision on July 3, citing that Homeplus had failed to secure 200 billion won in minimum operating funds required for the rehabilitation process.

Following this, as Meritz Financial Group approved a Debtor-in-Possession (DIP) loan, Homeplus secured a plan to obtain the necessary funds and filed an immediate appeal on July 20.
※ Please note: This article was translated by AI and may contain errors.